Gas Turbine Services Market Size Booming to Touch USD 82.5 Billion With the CAGR of 8.4% by 2029

Aug 18, 2023

The in-depth research report on the global gas turbine services market covers country-specific markets across the five major regions: North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. The Asia-Pacific region dominates the global gas turbine services market. The increasing power demand along with rising public-private investment towards large coal-fired plants. The rapid surge in the number of gas turbine installations owing to infrastructural development in major countries including India, China, and others, is also emerging as favorable factors propelling the growth of the gas turbine services market in Asia Pacific.

New Delhi, May 31, 2023 (GLOBE NEWSWIRE) -- The global gas turbine services market is gaining traction because of the growing demand for electricity through clean energy sources and growth in the number of multiyear gas turbine services contracts.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global gas turbine services market size at USD 56.83 billion in 2022. During the forecast period between 2023 and 2029, the global gas turbine services market size is projected to grow at an impressive CAGR of 8.4% reaching a value of USD 82.5 billion by 2029. Rapid technological advancements in the field and a shift in emphasis in favor of technologies for distributed power production are two major development factors for the global gas turbine services market. Due to increased government support for power-generating technologies that minimize carbon dioxide (CO2) emissions globally, it is estimated that this market would expand quickly over the period in analysis.

Global Gas Turbine Services Market – Overview

A gas turbine is a combustion engine in the center of a power plant that transforms mechanical energy from natural gas or other liquid fuels. This power then propels a generator, which creates the electrical energy that travels via power lines to residences and commercial buildings. Services for gas turbines include upkeep, examination, maintenance, repair, overhaul, and replacement. producing and overhauling rotors. prolonged life of the rotor. production and refurbishing of parts.

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Global Gas Turbine Services Market – By Service

Based on service, the global gas turbine services market is segmented into maintenance & repair, overhaul, and spare parts supply. The spare parts supply segment accounts for the largest market share. Spare parts are those that can be purchased separately to replace worn-out or damaged components of a piece of machinery. Typically, they are components that are made to fit together quickly. The services market growth is driven by the expansion in knowledge of the advantages of using natural gas for power generation in both developed and emerging nations.

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Impact of COVID-19 on the Global Gas Turbine Services Market

The unprecedented COVID-19 pandemic significantly disrupted the growth of the global gas turbine services market. According to the International Finance Corporation, a decline in demand, financial strain, and disruptions to the power supply chain were only a few of the effects of COVID-19 on the industry. The demand, as well as supply for gas turbine services, consequently declined due to a decline in the capital expenditure on the energy sector as well as a shortage of labor. However, the market is projected to gain pace in the post-pandemic period owing to expansion in industrial and energy sectors.

Competitive Landscape

Major players operating in the global gas turbine services market include General Electric, Siemens Energy, Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Solar Turbines Inc., Ansaldo Energia, Bharat Heavy Electricals Ltd., OPRA Turbines, MAN Energy Solutions, Centrax Gas Turbines, MAN Energy Solutions, MTU Aero Engines Ag, Hitachi Ltd., and EthosEnergy.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don't miss the business opportunity in the Global Gas Turbine Services Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Gas Turbine Services Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Gas Turbine Services Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Recent Developments

In July 2022 – International Energy Resources, a UAE-based utility contractor, and Gas Turbine Services, a Europe-based industrial equipment supplier, announced their collaboration to "enter new markets" and "further strengthen their positions in the global market."

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Billion

Market Coverage

North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Product/ Service Segmentation

Type, Capacity, Service, Service Provider, End-use, Region

Key Players

General Electric, Siemens Energy, Mitsubishi Power, Ltd., Kawasaki Heavy Industries, Ltd., Solar Turbines Inc., Ansaldo Energia, Bharat Heavy Electricals Ltd., OPRA Turbines, MAN Energy Solutions, Centrax Gas Turbines, MAN Energy Solutions, MTU Aero Engines AG, Hitachi Ltd., EthosEnergy.

By Type

Heavy Duty

Industrial

Aeroderivatives

By Capacity

<100 MW

100–200 MW

>200 MW

By Service

Maintenance & Repair

Overhaul

Spare Parts Supply

By Service Provider

OEM

Non-OEM

By End Use

Power Generation

Oil & Gas

Other Industrial

By Region

North America

Europe

Asia Pacific (APAC)

Latin America (LATAM)

Middle East and Africa (MEA)

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